My deceased parents left land in other state in their trust to myself and several siblings. The property was sold but there is no capital gain. Do we still have to file taxes in that state. I did not receive any paperwork that could be attached to the tax forms. If I do have to file, under what section do I use.
No. Based on your information, a West Virginia (WV) return is not required if there is no WV income included in the federal income. Also, you indicated the trust handled the sale. If you get a K1, then enter the information on your tax return. If not, then there is nothing for you to report on your personal tax return (federal or state).
It depends on what state- each state has their own rules and filing requirements- let us know which state and we can check for you!
The state the land was in is West Virginia. I live in Maryland. The property was part of a trust. The executor handed the sale and I know that all the expenses that incurred were paid by the trust. Let me know if I need to add any other information. Thank you, CL
No. Based on your information, a West Virginia (WV) return is not required if there is no WV income included in the federal income. Also, you indicated the trust handled the sale. If you get a K1, then enter the information on your tax return. If not, then there is nothing for you to report on your personal tax return (federal or state).